Dear Shareholders,
 
 While the rest of the world has been facing strong headwinds of global
 uncertainty and slowdown, there is one place that seems to be insulated
 and unaffected by the slowdown - Gujarat! Backed by a visionary
 leadership, conducive environment and encouraging policies, the state
 is fast marching ahead on a trail-blazing growth path.
 
 At the heart of this growth phenomenon is Ahmedabad, the financial
 capital of the state and the heart of Gujarat. The city is fast
 transforming itself with projects like the Riverfront, the BRTS and the
 GIFT City. It has the 2nd most important real estate market in the
 country - with over 1.16 lac property documents registered and stamp
 duty of about Rs. 1,700 crores collected in 2011, making it a Rs.
 20,000 crore market annually and growing at CAGR of 12-15%.
 
 With unprecedented and uninterrupted growth prospects, all major real
 estate players are present in the city and have big plans.
 
 At Ganesh Housing, we are synonymous with Ahmedabad.  We have always
 been in Ahmedabad. We belong to Ahmedabad. We know Ahmedabad more than
 anybody else.
 
 At Ganesh Housing, we had a satisfying year in terms of operational
 performance and financial results, considering the fact that we had to
 face immense pressures of all input costs going up due to inflationary
 pressure and rising interest rates.  The latter also affected demand as
 home loan rates soared.
 
 In spite of challenging market conditions, we achieved :
 
 Sales and Operating Income increased from Rs. 1,688.83 million to Rs.
 2,006.30 million, an increase of 18.80%.
 
 Our EBITDA increased from Rs. 1,013.72 million to Rs.  1,086.32
 million, an increase of 7.16%.
 
 However, the rising input costs and finance charges affected the net
 profit for the year. Our Profit After Tax decreased from Rs. 597.71
 million to Rs. 453.53 million, as did our EPS, which decreased from Rs.
 18.30 per share to Rs. 13.89 per share.
 
 We launched many new projects during the year. In the residential
 segment, we soft-launched SUNDARVAN EPITOME and MADHUBAN HILLS,
 Nathdwara, Rajasthan, and our commercial project MAGNET CORPORATE PARK.
 
 We have ambitious plans for the future, in line with the immense growth
 prospects in Gujarat, particularly Ahmedabad. We are determined to
 launch our mega project SMILE CITY in the next few months, as well as
 more residential projects. We have sufficient developable land to keep
 building on growth for the next 10-12 years. Looking ahead, we are
 confident of launching projects worth Rs. 600-650 crores this year, and
 increase this to Rs. 1,000-1,200 crores in the years to come.
 
 At Ganesh Housing, we are poised for the next big leap - to become a
 Rs. 1,000 crore company by 2015. With the speed at which growth is
 happening all around us in Ahmedabad, we are confident to reaching this
 goal.
 
 I would like to take this opportunity to thank all our customers, our
 investors, our suppliers, our contractors and most importantly, our
 people at Ganesh Housing, for their trust and faith in Ganesh Housing,
 and in believing in it.
 
 Thank you for your vibrant support!
 
 Yours faithfully,
 
 Dipakkumar G. Patel
 
 Chairman